Acumen Research and Consulting estimates that global Farm Equipment market is expected to reach the market value of around US$ 135 Bn by 2027 and is anticipated to grow at a CAGR of around 5% in terms of revenue during the forecast period 2020 – 2027.
Farm equipment is mechanical equipment such as tractors and several attached equipment, which is used in a variety of farms in order to save time and work. This equipment is simple to use and serves a wide range of agricultural practices including primary and secondary soil tillage, fertilizer extraction, planting, pesticide, insecticide, herbicides, irrigation network, crop production, maintenance of water resources and livestock farming. The farming industry is seeing the transition from conventional to modern agriculture, including state-of-the-art machinery. These equipments are important tools to improve yield and preserve soil and to make farming easier. Besides, growing farming activities and rising crop production boost the market for farm equipment during this forecast period.
The report provides analysis of global Farm Equipment market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.
A rise in the mechanization of various farm practices including cultivating, plowing, planting, processing and tilling is projected to fuel growth in the global agriculture machinery industry. Increase farmer’s reliance on agriculture machinery by identification of benefits from the introduction of mechanical equipment like tractors, harvesting machines and various attachments. Furthermore, the implementation of precision agriculture provides sustainable agriculture, increases profitability, and preserves land resources, resulting in improved agricultural production. Different products provided by major players in farm machinery help farmers in a variety of farming activities, such as sowing and harvesting, who further help agricultural equipment implementation. This contributes significantly to the growth of the global market for agricultural equipment.
In addition, the growing world population is demanding additional food production. The use of automatic and semi-automatic agricultural devices to increase crop efficiency on farms can sustain this demand. The use of agricultural equipment helps to grow more crops in less time and increases food production for the increasing population. This increases demand for agricultural equipment in the global population, which in turn drives market growth of agricultural equipment.
On the contrary, a major restrictive factor is a lack of awareness of the advantages of farmers using agricultural equipment. The implementation of agricultural equipment is negatively affected by illiteracy and lack of adequate resources as well as monetary measures.
The market research study on “Farm Equipment Market (Farm Equipment Market By Type: Tractors, Planting Equipment, Irrigation Equipment, Tillage Equipment, Fertilizing and Plant Protection Equipment, Harvesting Equipment: Farm Equipment Market By Application: Sowing & Planting, Land Development & Seed Bed Preparation, Harvesting & Threshing, Post-harvest & Agro Processing, Weed Cultivation, Plant Protection) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers a detailed insights on the global Farm Equipment market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report covers global Farm Equipment market size, and segment markets by type, application, and geography along with the information on companies operating in the market. The Farm Equipment market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The global Farm Equipment market is segmented as below:
Farm Equipment Market By Type
Fertilizing and Plant Protection Equipment
Farm Equipment Market By Application
Sowing & Planting
Land Development & Seed Bed Preparation
Harvesting & Threshing
Post-harvest & Agro Processing
Farm Equipment Market By Geography
Middle East & Africa
Key Players and Market Situation
Participants include major global players such Escorts Limited, Mahindra & Mahindra Ltd., CNH Industrial N.V., AGCO Corporation, SDF S.p.A., China National Machinery Industry Corporation Ltd., Kubota Corporation., JCB, Others.
Market leaders play a key role in providing modern agricultural equipment to improve crop production and reduce farmers' time and effort.
Mahindra & Mahindra Limited, for example, offers farmers state of the art rice transplant solutions when they produce rice. The tractor brand remained the top sales. It includes well-designed harvesters, which are very well suited to smaller lands and help to reduce grain losses during harvesting.
On the other side, new entrants plan to sell small farmers with bigger farms. New start ups are working with tractor owners in emerging regions for example through integrated technology for the sharing of farm equipment.
2018, The Strategic Agreement with Farmers Edge has been concluded by CNH Industrial. Farmers Edge is a Canadian agri-tech firm that focuses on agricultural decision-making systems based on data. This agreement gives customers access to Farm Command, a unique platform that interfaces with existing precise agricultural portals of the brand and expands the range of information available to plan, analyze, implement and make agronomic decisions.
Increase in mechanization of various farming activities is a key driver of the market.
Lack of awareness regarding the benefits of equipment.
The market value of Farm Equipment is anticipated to be around US$ 135 Bn in 2027.
It is anticipated to grow around 5% CAGR amid the forecast period 2020-2027.
Escorts Limited, Mahindra & Mahindra Ltd., CNH Industrial N.V., AGCO Corporation, SDF S.p.A., China National Machinery Industry Corporation Ltd., Kubota Corporation., JCB, Others. and others are the prominent players in the market.
Asia Pacific is projected to grow at a fast pace during forecast period 2020-2027.
North America held maximum share in 2019.